How to Buy ETH?
Ethereum is the world’s second-largest digital asset by market cap. It has drawn widespread attention from investors by building an infrastructure that enables developers to build tokens, smart contracts, and decentralized applications (dApps) on top of the Ethereum blockchain. The Ethereum blockchain also allows owners to tokenize assets such as artworks, mortgages, and sensitive documents. This provides these assets with greater liquidity and a more convenient transfer of ownership. It also helps to protect these assets from being stolen or counterfeited. Proponents of the ETH token believe that virtually every asset will be tokenized digitally on the Ethereum blockchain which would result in more demand for the ETH token.
You can buy ETH on Beaxy directly with your bank account, credit card, or by using other digital currencies like BXY or BTC.
1. Open an account on Beaxy
Start by creating an account on the Beaxy crypto exchange. Go to Beaxy.com and fill out and submit the registration form.
2. Verify your account and bank or credit card details
Once you have registers for an account you will need to verify your information in accordance with United States financial regulations. To verify your identity, you can use a government-issued document such as a driver’s license. The same information can be used again to verify your payment details (bank account or credit card)/
3. Purchase ETH on Beaxy
Now that you have access to a Beaxy account and have completed the necessary verification steps you are able to fund your account and purchase ETH tokens. If you want to use your bank account. Navigate to an Ethereum fiat pair and enter the amount of your local national currency that you want to spend on ETH tokens. If you’d like to use your credit card, enter the simplex portal and complete the same steps. To buy ETH with other digital currencies like BTC, navigate to the ETH-BTC trading pair and enter the amount of BTC you want to spend.
ETH value and price
On 10th June 2020, the cost of ETH was 0.0251 BTC, and its market cap was 26,000,000,000 dollars. It is ranked #2 amongst all cryptos with a daily volume of 7,000,000,000 dollars.
ETH advantages and disadvantages
The Ethereum blockchain has a comprehensive security model. The protocol established the ERC20 token standard which enables ERC20 token holders to securely store a variety of digital assets in one cold storage wallet. This limits the possibility of losing access to one holding due to mishandling a set of private keys.
The Ethereum developers have been working for years to enable proof of stake consensus on the protocol instead of using proof of work to validate and confirm transactions. It is estimated that the Ethereum blockchain will have been fully transitioned from proof of work to proof of stake sometime in 2020 or 2021. Once the protocol moves to proof of stake it will be more energy-efficient and ETH token holders will be able to generate passive income by staking their tokens on the network.
The Ethereum blockchain is considered to be slower than some of its competition decentralized application-based protocols. The Etheruem protocol can process roughly 15-20 transactions per second. The developers of the Ethereum network will work on solutions to improve and increase the number of transactions that can be processed on-chain so that eventual growth in usage of the network does not result in lost performance.
The Ethereum blockchain has the most competitive in the cryptocurrency industry. There are dozens of new protocols built with the specific purpose of being a better version of Ethereum. EOS is one example, they noticed that the Ethererum network could process transactions fast enough to support all of the smart contracts and decentralized applications that would need to run on the network.
Best ETH wallet – how to choose
Ethereum compatible wallets are required to store your Ether (ETH). Similar to regular wallets, your Ethereum wallet stores your cryptocurrency for safe-keeping. There are numerous types of Ethereum wallets to choose from. Two of the most popular are:
MyEtherWallet (MEW)- My Ether Wallet is a popular online service that allows for secure storage of Ethereum and ERC20 tokens from the Ethereum blockchain. Although it is an online service MEW is known for being trustworthy and secure, allowing you to conveniently store your ETH and ERC20 tokens online and easily send them to and from crypto exchanges.
Ledger Hardware wallets: Ledger is a hardware (offline) wallet that can be plugged into any USB port to be accessed. As a hardware wallet, it has a higher degree of security than one which is solely internet-based. Ledger is a popular brand of a hardware wallet, along with Trezor and KeepKey, that is widely used by traders to store their Ethereum.
Trust and safety
There are many ways to buy Ethereum that don’t involve complex transactions, as exchanges like ours allow credit card and wire transfer transactions. After opening an account, one will be asked about the preferred method of payment and deposit method. After such, a rundown of methods will be provided, including Mastercard and Visa, and direct connection to bank accounts. This is an efficient way to buy Ethereum, as the process involves relatively few steps to complete the transaction.
You can also buy bitcoin or another crypto, either through an exchange directly, a peer to peer swap or another third-party service like Paypal, and later trade it for ETH in crypto to crypto exchange. All crypto exchanges, both centralized and decentralized ones, will allow such swaps. For new users, this can take a lot of time and is a taxing, since every transaction entails an additional charge, and there are many more steps involved. Thus, the recommended process for newcomers to the market is to buy directly with the bank (wire/ACH) or buy with a credit card or debit card.
Beaxy is the best place to buy or sell Ethereum. You can leverage dozens of useful features, get world-class 24/7 customer support, access scores of exciting trading pairs, and pay less fees than Coinbase, Kraken, or Gemini.